#United States #Boston #Multifamily #Safehold

Safehold Closes Ground Lease for Massachusetts Multifamily Development

Safehold Inc. (NYSE: SAFE), a pioneering force in the realm of modern ground leases, has announced the successful closure of a ground lease aimed at promoting the development of The Benjamin. This impressive multifamily project will feature 364 units and is strategically situated within the Boston Metropolitan Statistical Area (MSA). This marks Safehold's inaugural collaboration with The Michaels Organization, a prominent national player in the multifamily housing sector known for its investments, development, and operational expertise.

Tim Doherty, the Chief Investment Officer at Safehold, expressed enthusiasm regarding the increasing preference for their ground lease solutions, particularly for multifamily projects in major metropolitan areas. He stated, "We are delighted to witness the growing acceptance of our innovative lease solution in important MSAs. Our focus remains on providing low-cost, long-term capital to empower property owners to realize their business objectives and maximize the value of their investments."

Michael Paresky, the Vice President at Safehold, also emphasized the advantages their structure offers, which streamline the development process for new projects. He noted, "Our model continues to demonstrate its ability to enhance efficiencies for ground-up developments, and we look forward to strengthening our partnership with The Michaels Organization going forward."

Safehold has built a diverse portfolio that encompasses over 85 multifamily properties across the leading markets in the country. This initiative underscores the company's commitment to transforming the landscape of real estate ownership and investment.

Founded in 2017, Safehold has been at the forefront of redefining how property owners can leverage the potential of the land beneath their buildings. Their approach not only helps owners unlock higher returns but also mitigates risks associated with property investments. By being classified as a real estate investment trust (REIT), Safehold aims to deliver a consistent and growing income while ensuring long-term capital appreciation for its shareholders.

With its innovative ground lease model, Safehold is helping a wide range of property types thrive—such as multifamily residences, affordable housing, office spaces, industrial facilities, hospitality venues, student housing, life science locations, and mixed-use developments. This adaptability positions Safehold as a critical partner in the modern real estate ecosystem, fostering growth and sustainability in various market segments.

As the United States faces a growing demand for multifamily housing, particularly in urban centers, developments like The Benjamin are paving the way to meet this need, offering prospective residents quality living spaces along with convenient access to urban amenities. The collaboration between Safehold and The Michaels Organization is a clear reflection of how innovative financing solutions can support the creation of vibrant communities.

In conclusion, the ground lease secured by Safehold for The Benjamin isn't just a landmark agreement for the company; it's a significant step towards addressing housing shortages and enhancing urban living in one of the nation's most dynamic cities. As Safehold continues to expand its operations and partnerships, it further solidifies its role as a leader in real estate innovation and value creation.